A Peek Into The Markets: US Stock Futures Rise On First Trading Day Of 2022

Pre-open movers

U.S. stock futures traded higher in early pre-market trade on the first trading day of new year. The Dow Jones dropped around 60 points in the previous session.

The manufacturing PMI for December is scheduled for release at 9:45 a.m. ET, while data on construction spending for November will be released at 10:00 a.m. ET.

Futures for the Dow Jones Industrial Average jumped 116 points to 36,342.00 while the Standard & Poor’s 500 index futures rose 19.25 points to 4,777.75. Futures for the Nasdaq index gained 77.75 points to 16,398.50.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 56,142,170 with around 847,400 deaths. India reported a total of at least 34,922,880 confirmed cases, while Brazil confirmed over 22,293,220 cases.

Oil prices traded higher as Brent crude futures rose 1.4% to trade at $78.83 per barrel, while US WTI crude futures gained 1.3% to trade at $76.16 a barrel. The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.m. ET.

A Peek Into Global Markets

European markets were higher today. The STOXX Europe 600 Index gained 0.5%, while Spain’s IBEX 35 Index gained 0.7%. The French CAC 40 Index climbed 0.9%, while German DAX rose 0.7%. The IHS Markit Eurozone manufacturing PMI was confirmed at 58 for December, recording weakest level since February. French manufacturing PMI rose to 55.6 in December from a preliminary reading of 54.9, while German manufacturing PMI fell to 57.4 in December from a preliminary level of 57.9. The IHS Markit Spain manufacturing PMI declined to 56.2 in December versus 57.1 a month ago.

Asian markets traded mixed today. Hong Kong’s Hang Seng Index fell 0.5%, while India’s BSE Sensex jumped 1.7%. The IHS Markit Indian manufacturing PMI declined to 55.5 in December from a tenth-month high reading of 57.6 in October.

Broker Recommendation

BMO Capital upgraded PayPal Holdings Inc (NASDAQ: PYPL) to Outperform from Market Perform with a price target of $224, down from $278.

PayPal shares rose 2% to $192.38 in pre-market trading.

Check out other major ratings here

Breaking News

• Tesla, Inc. TSLA reported record quarterly and annual deliveries that exceeded the most optimistic Wall Street forecasts. The company’s fourth-quarter deliveries came in at 308,600 units, representing roughly 28% quarter-over-quarter increase from the 241,300 cars delivered in the third quarter.
• Volkswagen Group VWAGY missed its target of selling up to 100,000 ID. series electric vehicles in China in 2021 but sped past local rival Nio in December deliveries. It also fell short of Xpeng, Li Auto’s record numbers during the month.
• NIO Inc. NIO said it delivered 10,489 electric vehicles in December, a decline of 3.6% over November and a year-on-year jump of 49.7%.
• XPeng, Inc. XPEV reported record deliveries for December and a fourth quarter that exceeded the company's guidance.

Check out other breaking news here